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TO: Mayor Richard C. Irvin
FROM: Christopher A. Minick, Chief Financial Officer/City Treasurer
DATE: October 17, 2023
SUBJECT:
An Ordinance Levying Taxes for the City of Aurora, Illinois, for the Fiscal Year January 1, 2023 through December 31, 2023
PURPOSE:
To facilitate the City Council's passage of the proposed 2023 property tax levies for the City
BACKGROUND:
The City obtains the resources for its operations through a variety of sources. The annual property tax levy provides a major share of our revenue - approximately 10% of the revenue for all city funds and about 35% of the revenue for the General Fund.
35 ILCS 200/18-60 requires that each taxing district in Illinois determine an estimate of monies to be raised by the taxation of taxable property not later than 20 days prior to adoption of a tax levy. Estimates of the 2023 property tax levies for the city were included in the proposed 2024 City Budget released on October 12, 2023.
DISCUSSION:
Attached as Exhibit 1 is a schedule presenting historical information related to the city's annual tax levies, tax rates, and assessed valuation. Attached as Exhibit 2 is the proposed 2023 property tax levy ordinances for the city, respectively.
As shown in Exhibit 2, the proposed city tax levy totals $87,370,400 (including city debt service) and represents a 2.6% increase over the City's levy request of $85,147,100. This is $1,925,092 or 2.25% higher than the 2022 extensions. This change is due to a $2.250 million increase in the Police/Firefighter Pension Fund Levies. The City's required contribution for public safety pension levies is increasing mainly due to the poor returns prevalent in the investment markets during 2022. The difference between the levy amount and the amount extended is an allowance for uncollectable taxes as added by the counties.
We anticipate that the 2023 property tax levy will result in an approximate 2.6% increase in the City portion of the tax bill as a result of th...
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